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Varmora Granito IPO Sails Through, Oversubscribed 1.58 Times on Final Day
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News18•24-09-2026, 20:30
Varmora Granito IPO Sails Through, Oversubscribed 1.58 Times on Final Day
- •Varmora Granito Ltd's initial public offering received 1.58 times subscription on its final day of bidding, with bids for over 5.34 crore shares against 3.39 crore shares on offer.
- •The Rs 708-crore IPO saw the quota for qualified institutional buyers (QIBs) oversubscribed 3.16 times, while retail investors fully subscribed their portion.
- •Varmora Granito raised Rs 212.4 crore from anchor investors, including Goldman Sachs and ICICI Prudential Mutual Fund, prior to the IPO.
- •The IPO price band was set at Rs 140-148 per equity share, comprising a fresh issue of up to Rs 320 crore and an offer-for-sale of up to Rs 388 crore by Katsura Investments.
- •Proceeds from the fresh issue will be used to repay borrowings of Varmora Granito and its subsidiaries, and for general corporate purposes; shares are expected to list on BSE and NSE on September 29.
Key Questions Answered
The initial public offering of Varmora Granito Ltd achieved a 1.58 times subscription on the final day of bidding. The Rs 708-crore IPO secured bids for 5,34,85,863 shares compared to the 3,39,02,899 shares available.
Varmora Granito plans to utilize the funds raised from the fresh issue to pay back its borrowings along with the dues of its subsidiaries, which include Simola Tiles, Covertek Ceramica, and Varmora Sanitarywares. Additionally, a portion of the proceeds will be allocated for general corporate purposes.
The equity shares of Varmora Granito are scheduled to be listed on both the BSE and the NSE on September 29.
